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QUESTIONS Q1. Let C = 6; I=2; G = 5; T = 3; NX =2; f=2; c=0.8; d=0.4; x=0.2; f = 1; l = 2; ne=2; y = 0.6; p = 2; and un=5. a. Derive MP, IS, AD, and SRAS curve equations. [4 marks] b. Assume that the economy is at the long run equilibrium initially. Calculate, output, ination rate, the nominal interest rate (i), and the unemployment rate (When you calculating the nominal interest rate use 119). [4 marks] c. Now assume that the economy is hit by a short term supply (price) shock and hence, p = 1 (everything else is the same as above). Calculate the new equilibrium output and ination rate. Derive the Philips curve equation. Calculate the new unemployment rate. [8 marks] (1. Demonstrate the equilibriums you found in part (a) and part (b) on the same gure by using AD-AS framework. Provide a brief comment by comparing two equilibriums. [8 marks] e. Assume that the Central Bank (CB) chooses to close the ination gap. Name the appropriate monetary policy action. Explain the mechanism. Calculate the equilibrium ination rate and output after the CB intervention (no need to show this on the gure). [5 marks]